TPG to acquire PTC’s Industrial Connectivity and IoT businesses, no terms

PTC (PTC) and TPG, a global alternative asset management firm, announced a definitive agreement under which TPG will acquire PTC’s Kepware industrial connectivity and ThingWorx Internet of Things businesses. The transaction would provide the businesses with additional capital and expertise to accelerate growth and further their leadership to meet the evolving connectivity and data needs of manufacturing organizations. TPG will invest in the businesses through TPG Capital, the firm’s U.S. and European private equity platform. The transaction is expected to close in the first half of calendar year 2026, subject to the satisfaction of regulatory approvals and other closing conditions.